Unemployment rose to 4.4% in March, up from a 50 year low of 3.5% in February; we hear more from Chris Low at FHN Financial
Coronavirus and the oil market
Coronavirus has had a big impact on the oil market and we ask what will happen next. The BBC's Andrew Walker puts recent falls in the oil price into context, and Justin Urquhart-Stewart, founder of Seven Investment Management discusses the impact it can have on business around the world. Meanwhile Simon Williams of the UK motoring organisation the RAC tells us what is going on with the price of petrol at the pump. Also in the programme, we consider the arguments around whether the European Union should issue so-called Corona bonds to pay for the stimulus measures being enacted by countries in the bloc. We get the latest on US unemployment, where official figures today marking a loss of 700,000 jobs heavily under-estimate the actual picture, because the data is several weeks out of date. Meanwhile, amidst a national coronavirus lockdown in India there are concerns about the future of India's call centres serving banks and other businesses in Europe and America. K S Viswanathan of the National Association of Software and Service Companies offers us his take. And we get further analysis from Pankaj Kapoor, who watches the IT sector for JM Financial in Mumbai. Plus in a world of lockdowns, staying in is the new going out. There's a new trend in so-called 'cloud clubbing', and the BBC's Nina Nanji checked out a virtual set by her cousin, DJ Ninja.
(Picture: Oil derricks. Picture credit: Getty Images.)
Update: Record numbers file unemployment claims in the US
More than 6.65 million people filed for unemployment benefits in the US last week; we speak to the BBC's Michelle Fleury. And Cary Leahey from Decision Economics brings us the latest from the financial markets.
Over 6 million Americans file for unemployment benefits
A record 6.6 million Americans filed for unemployment benefits last week as coronavirus spreads. The BBC's Michelle Fleury explains the significance of the latest figures. And Gene Barr, president of the Pennsylvania Chamber of Business and Industry discusses how his members are coping in the downturn. The BBC's Justin Rowlatt explores the ongoing efforts to find a vaccine for Covid-19. Plus we hear from Michael Rubin of baseball kit company Fanatics how they've started making supplies for American hospital workers, and Tim Brown of shoe company AllBirds, which has come up with a buy-one-donate-one scheme to deliver free sneakers to health care workers.
Update: Tobacco company working on coronavirus vaccine
British American Tobacco is working on a plant-based coronavirus vaccine. We hear from Kingsley Wheaton who's on the company's board. And we talk to Izzy Saralis-Wheatly, one of four zookeepers at Paradise Park in Cornwall in south west England who have decided to live with the parrots and other animals they look after until the coronavirus emergency is over. Plus, Susan Schmidt from Aviva Investors brings us the latest news from the financial markets.